Saudi: First Mills secures $168mln loan from SAB
Riyadh – First Milling Company (First Mills) penned a long-term sharia-compliant bank facility agreement worth SAR 630 million with the Saudi Awwal Bank (SAB) on 20 April 2025.
First Mills will use the loan to support its commercial and operational activities that contribute to its future expansion and growth, according to a bourse disclosure.
It aligns with the company's strategy to optimize financing costs, boost profitability, and drive sustainable long-term returns for shareholders.
These facilities include financing debt repayments, financing working capital requirements, bank guarantee facilities, and letters of credit.
Valid until 31 December 2035, the loan is secured by promissory notes for the facility amounts.
At the end of 2024, the company recorded 13.94% higher net profits at SAR 250.90 million, compared to SAR 220.20 million in 2023.
Source: Mubasher
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